SEVERAL YEARS AGO, I had a young guy come into my store looking for a diamond at a price that was too low. After a lot of back and forth, I said that the diamond he had found and was comparing to mine was not compliant with the Kimberley Process. He said, “I don’t give a damn about where and who the diamond came from. I just want it cheap.”
I told him I would pass on his business.
When new customers come in and start to tell me about all the greenwashing they have read, I try to set them straight with as unbiased a reply as possible.
Many of these buyers do not like hearing that what they read on the online site was not true and walk out.
I am not trying to say that I am better than anyone else. There are a lot of great people in the jewelry trade. If I am given the choice of acting morally correct or making a dollar immorally, or even getting into a “gray” area, I have always chosen the former.
When I hear that store owners are not interested in where a diamond comes from or giving full disclosure on the goods they sell, it’s disheartening. The majority of store owners I have met really like the industry for the great moments it provides, and they try to be open and honest. Even with all the headaches of running a complex business, there is an upside to job satisfaction.
Most recently, with lab-grown diamonds (LGD), my store has been presented with new dilemmas. I do sell them in my store. I feel the price will eventually hit bottom. How do I tell a young guy that the LGD in his ring may be worth 20-30% less in a month? The answer from a few store owners at a recent trade meeting was, “Are you their financial advisor?” In a sense, yes. If a client comes to a decision that is increasingly a price proposition, do we not have an obligation to be somewhat of a financial advisor? At the same group meeting, it was brought up that a person buying a mined diamond could lose more if they were to turn around and sell it back to someone shortly after their purchase. So, am I an advisor then? The short answer is, “Yes.” I feel many store owners forget that a large part of our business is relationship built.
Losing sales or profit to honesty never feels bad long term. Weeks or months later, it makes for a good story, and I don’t feel like I gave up something important to my self-esteem.